Senate has resolved to conduct a public hearing to thoroughly investigate the Central Bank of Nigeria (CBN) and commercial banks in the country over alleged excess, illegal and arbitrary bank charges imposed on customers

The upper chamber has therefore invited the CBN Governor, Managing Directors of commercial banks and bankers committee to the session.

This followed a motion by Senator ‎Magnus Abe (APC Rivers South East), who canvassed the need to urgently “investigate, regularise and amend conflicting, vague and unjust remedies which the CBN offers to victims of excess and arbitrary bank charges and illegal deductions by commercial banks.”

Abe noted that over the years, commercial banks‎ in Nigeria had indulged in sharp practices of overcharging customers arbitrarily and excessively contrary to tariff stipulations, credit and monetary guidelines issued from time to time by the CBN.

Senator Dino Melaye (APC Kogi West), who lent his voice to the debate on the motion, called on the Senate to carry out a holistic investigation through a public hearing in a bid to eradicate the illegality by commercial banks.

Deputy Senate Leader Bala Ibn Na’Allah, while contributing to the motion, said the Senate has a responsibility to intervene and take needed action.

The Senate consequently urged the Federal Government to proactively protect customers’ right, eradicate short payments of interests and end the culture of excess and arbitrary bank charges.

Senate President Bukola Saraki, who thanked the movers of the motion, said the Senate would get to the bottom of the matter in a bid to ensure that due process was followed to the letter.

The lawmakers expressed worries that, if the trend was allowed to continue unabated, Nigerians would be worse for it, while the commercial banks would continue to declare huge profits at the expense of innocent citizens.